Suffolk Digital Startup Session on Bootstrapping Monday 27th Feb 2012
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Transcript of Suffolk Digital Startup Session on Bootstrapping Monday 27th Feb 2012
Never Stop Starting
Wednesday, 29 February 12
A Bootstrapping success
Bootstrapping in business means starting a business without external help or capital.
Once upon a time...
Wednesday, 29 February 12
Consider your personal circumstances
Stick to your guns despite what your critics say
If it was easy then everyone would be doing it!
Wednesday, 29 February 12
Bootstrap if you possibly can but avoid:
Cutting the wrong corners
Using equity (your shares) as a liberal currency
Limping along without funding
Wednesday, 29 February 12
Bootstrapping Tips
It’s not only about keeping your costs down : Establish a Revenue Stream
ASAP!
The Internet has made Bootstrapping easier - use it
Be creative with alliances & partnerships
Let Smarta.com be your Bible
Wednesday, 29 February 12
12 Lessons I’ve Learned
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Pick your business partners wisely
Work backwards from divorce and keep score from the outset.
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Things that look too good to be true, always are.
Watch your back, there is an opportunist waiting at every corner.
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Don’t overplan
Agility is your best asset and remember, everything you plan takes more time and more money.
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Be aware of your over-dependencies
Don’t let them catch you by surprise.
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Harness your customers’ power
They are your best advocates.
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Don’t get phased by your competitors
Treat your customers better than your competitors treat theirs.
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Survive until the market is ready
If you are ahead of the market, make sure you have staying power.
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Educating your customers is expensive
Best leave this to others, even if it turns out to be your competitors.
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Price correctly from the start
Don’t kid yourself about what your product/service actually costs.
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Invest in an audience
It is often more valuable than your current product/service.
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Focus, Focus, Focus
Do fewer things extraordinarily well.
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Wyszkowski’s Second Law
Anything can be made to work if you fiddle with it long enough.
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Oh, and one last thing....
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Never Stop Starting
Wednesday, 29 February 12
Adrian Melrose The First 65 Ltd
@adrianmelrose
Wednesday, 29 February 12